Legg Mason Real Estate Services/Spectrum Financial arranged the financing and according to Legg Mason Real Estate Services executives Stanley J. Sidel and Joseph J. Hegenbart, the mortgage was arranged with a leading regional thrift institution.
The two-story office building has undergone extensive rehabilitation and modernization. It is leased to Wyeth BioPharma, a biopharmaceutical company that is a subsidiary of Wyeth, a global pharmaceutical company.
While the office market in this area continues to struggle with vacancy rates at a record high of 20.5% for the first quarter of this year according to Meredith & Grew, the biotech market is thriving. Vacancy rates for biotech for the first quarter of this year were a low 4.1%, a situation that could lead to a lack of available space for biotech companies.
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